I had a discussion recently with a good friend and colleague, who suggested that when evaluating a manager's performance, returns should be net of inflation. I'm not so sure about this.What are the "nets" we're familiar with:Net-of-fees: most managers charge an...

I'll admit that it's a bit unusual that a sermon would be the inspiration for a blog post, but that's the genesis (pardon the pun) for this one.At Church today, the Gospel was the well known (i.e., familiar) story of The Good Samaritan. Our pastor explained how...

The second edition of The TSG's very popular Formula Reference Guide is completely sold out. What to do, what to do?Well, we decided! We will publish a third edition, that will be revised and expanded. Plus, special attention will be given to formulas that are on...

You may recall President Clinton's statement that "it depends on what you mean by the word, 'is.'" I think Clinton made a good point, and I often find myself citing this line, as I think it has extensive relevance, given many words' or phrases' varied meanings....

The late motivational speaker and author, Zig Ziglar, coined the phrase "automobile university," to refer to the use of the time spent behind the wheel to expand one's education. He suggested that many drivers can increase their knowledge about a variety of...

The markets in the United States are closed today, in observance of July 4th. July 4th has a special personal meaning for me, for that's the day in 1970 that I met the young lady who would (two years later) become my wife; we have been married for over 40 years and...

TSG remains big fans of the CIPM(R) program, and so, we are posting details that were recently sent out via an email from the CFA Institute.   Building a better investment industry starts with you. By referring a colleague to the newly enhanced CIPM...

A TSG verification client contacted me with a non-GIPS(R) (Global Investment Performance Standards) related question, which I want to share with you, as I think it has wide applicability.They have a commingled vehicle that restricts cash flows to always occur on the...

As noted last week, firms that comply with the Global Investment Performance Standards (GIPS(R)) are now given the opportunity to no longer disclose composite name changes when they are deemed to be no longer "relevant and meaningful." I think it's fair to interpret...

We are discovering new changes to GIPS(R) (Global Investment Performance Standards) that have been introduced through the most unusual ways: not as part of the Standards, but simply as Q&As or notes. How are we to learn of these? I guess by reading the...